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Tag Archives: Incoterms 2020

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Incoterms explained in 10 key dates

Incoterms can be explained thanks to a group of entrepreneurs, financiers and traders whose determination to bring economic prosperity to a post-World War I era eventually led to the founding of the International Chamber of Commerce (ICC). With no global system of rules to govern trade, it was these businessmen who saw the opportunity to create an industry standard that would ... Read More »

Incoterms 2020: transfer of ownership and payment risk

Incoterms 2020 do not regulate the transfer of ownership of the merchandise, nor the sale price, the form of payment, the general conditions of sale, etc. These issues are defined in the International Sale Contract that materializes the consent between the seller and the buyer. Exporters and importers often confuse risk transfer with transfer of ownership. This confusion is understandable ... Read More »

Incoterms 2020: Main Changes

The new Incoterms 2020 have already been published by the International Chamber of Commerce (ICC) as the body that publishes these rules since 1930. In last decades there has always been a revision of the Incoterms coinciding with the first year of each of them: 1990, 2000, 2010. The latest version is that of Incoterms 2020 which is expected to ... Read More »